Sad Farewell to Quibi: Streaming Service Shuts Down
Quibi, a streaming service known for its innovative short-form videos and so-called Turnstyle technology, is calling it quits. After months of speculation, it appears the company's leadership has decided to shutter the service, according to a report from the Wall Street Journal.
The news comes after rumors of potential buyers for the beleaguered service. It seemed Quibi's leadership was looking for someone else to take the reins, but a report from the Information this week suggested an imminent shutdown could be on the horizon.
Quibi's founder, Jeffrey Katzenberg, reportedly informed investors that he would indeed be shutting down the service mere months after its launch in April. Katzenberg has consistently blamed the pandemic for Quibi's failure to launch, but the service failed to meet viewers where they preferred to watch long after the buzz had died down.
Even as recently as the past few weeks, Quibi was still sending promotional emails about featured content. The company did not immediately respond to multiple requests for comment.
If Quibi does indeed shut its doors, it would go down as one of the most spectacular tech failures in recent memory. In an open letter, Katzenberg and Meg Whitman confirmed the news, stating that they were "winding down the business and looking to sell its content and technology assets."
They wrote, "Quibi is not succeeding... because of our timing." Despite launching during a pandemic, they "could not do so." The letter is worth a read right here.
While the failure of Quibi is disappointing, it serves as a reminder of the pitfalls that come with innovation. The platform's focus on mobile-only viewing, high production costs, and poor timing, combined with intense competition from established streaming services, led to its downfall.
- Despite the innovative technology and future-oriented concept, Quibi's focus on mobile-only viewing, high production costs, and poor timing contributed to its downfall.
- The Wall Street Journal reported that Quibi's founder, Jeffrey Katzenberg, confirmed the shutting down of the service, mere months after its launch in April.
- The Information suggested an imminent shutdown of Quibi could be on the horizon, weeks after rumors of potential buyers for the service emerged.
- Katzenberg and Meg Whitman, in an open letter, admitted that Quibi is winding down its business and is looking to sell its content and technology assets, blaming the timing for the failure.
